Ivanplats shares rise as Congo's copper province rejects export ban

Reuters Staff

2 Min Read

April 18 (Reuters) - Africa-focused miner Ivanplats Ltd’s shares rose as much as 8 percent after the governor of Congo’s copper mining province, Katanga, said he will not enforce a ban on the export of copper and cobalt concentrates.

Katanga governor Moise Katumbi’s decision on Thursday puts him on a collision course with the central government. The mines and finance ministers signed a directive this month giving companies 90 days to clear their stocks of concentrate before the ban comes into effect.

Shares of Ivanplats, founded by mining entrepreneur Robert Friedland, fell about 18 percent on Wednesday after the news of the ban. They rose to C$3.19 on the Toronto Stock Exchange on Thursday.

Ivanplats, which owns the high-grade Kamoa copper deposit in Congo, said in a statement issued late on Wednesday the company’s planned development of its Kamoa copper discovery would not be hurt by the ban.

The company also owns the massive Platreef platinum, gold and copper project in South Africa, the Kipushi zinc and copper asset in Congo, and other assets spread across Africa and Australia. (Reporting by Shounak Dasgupta in Bangalore; Editing by Don Sebastian)